BlackBerry shares are trading lower after the company announced it will fully separate its IoT and Cybersecurity businesses and will no long pursue a subsidiary IPO of its IoT business.
Portfolio Pulse from Benzinga Newsdesk
BlackBerry shares dropped following the announcement of its decision to separate its IoT and Cybersecurity units and to cancel the planned subsidiary IPO of its IoT business.
December 11, 2023 | 2:04 pm
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BlackBerry's stock price is expected to face downward pressure in the short term due to the cancellation of its IoT subsidiary IPO and the decision to separate its business units.
The cancellation of the planned IPO for BlackBerry's IoT business may disappoint investors who were anticipating potential value unlocking from the event. The separation of the IoT and Cybersecurity businesses could also create uncertainty about the company's future strategy and operational efficiency, which may negatively impact investor sentiment and the stock price in the short term.
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